Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – January 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Kelt Exploration Ltd (TSE:KEL) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Kelt Exploration Ltd. is an oil and gas company based in Calgary, Alberta. The Company is focused on the exploration, development and production of crude oil and natural gas resources, primarily in west central Alberta and northeastern British Columbia. The Company’s land holdings are located in Inga/Fireweed/Stoddart, British Columbia; Grande Prairie (including Pouce Coupe, Progress, Spirit River and La Glace), Alberta; Karr, Alberta, and Grande Cache, Alberta. The Company holds interests in approximately 136,000 gross acres in Greater Grande Cache area, which is located approximately 30 kilometers north of Grande Cache, Alberta. It also has interests in over 89,760 gross acres in Karr area. The Company has interests in over 394,190 acres in Grande Prairie area. It holds interests in over 88,120 gross acres in Inga area. The Company holds interests in over 50,550 acres in Fireweed area. The Company also has interests in approximately 53,040 gross acres in Stoddart area.

KEL Chart

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-KEL – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,061,142,445 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.56 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -6000.00% Fail
6. Moderate PEmg Ratio PEmg < 20 -10.99 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.28 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.56 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -8.91 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.55
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$7.98
MG Value based on 0% Growth -$4.68
Market Implied Growth Rate -9.74%
Current Price $6.05
% of Intrinsic Value N/A

Kelt Exploration Ltd does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0 in 2012 to an estimated $-0.55 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Kelt Exploration Ltd revealed the company was trading above its Graham Number of $0. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -10.99, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-2.19.

Kelt Exploration Ltd scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$2.19
Graham Number $0.00
PEmg -10.99
Current Ratio 0.56
PB Ratio 1.28
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $25,765,000
Total Current Liabilities $46,212,000
Long-Term Debt $182,158,000
Total Assets $1,232,147,000
Intangible Assets $0
Total Liabilities $408,260,000
Shares Outstanding (Diluted Average) 174,671,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.95
Dec2015 -$0.91
Dec2014 $0.09
Dec2013 -$0.07

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.55
Dec2015 -$0.29
Dec2014 $0.01
Dec2013 -$0.02

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

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SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
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Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC
Seacor Holdings Inc Valuation – Initial Coverage $CKH

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Kelt Exploration Ltd Valuation – August 2018 $TSE-KEL

Company Profile (excerpt from Reuters): Kelt Exploration Ltd. is an oil and gas company based in Calgary, Alberta. The Company is focused on the exploration, development and production of crude oil and natural gas resources, primarily in west central Alberta and northeastern British Columbia. The Company’s land holdings are located in Inga/Fireweed/Stoddart, British Columbia; Grande Prairie (including Pouce Coupe, Progress, Spirit River and La Glace), Alberta; Karr, Alberta, and Grande Cache, Alberta. The Company holds interests in approximately 136,000 gross acres in Greater Grande Cache area, which is located approximately 30 kilometers north of Grande Cache, Alberta. It also has interests in over 89,760 gross acres in Karr area. The Company has interests in over 394,190 acres in Grande Prairie area. It holds interests in over 88,120 gross acres in Inga area. The Company holds interests in over 50,550 acres in Fireweed area. The Company also has interests in approximately 53,040 gross acres in Stoddart area.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-KEL – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,795,979,281 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.48 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -1133.33% Fail
6. Moderate PEmg Ratio PEmg < 20 -56.26 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.04 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.48 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -3.90 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg -$0.17
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$2.48
MG Value based on 0% Growth -$1.46
Market Implied Growth Rate -32.38%
Current Price $9.64
% of Intrinsic Value N/A

Kelt Exploration Ltd does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability or growth over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.01 in 2014 to an estimated $-0.17 for 2018. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Kelt Exploration Ltd revealed the company was trading above its Graham Number of $3.42. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -56.26, which was below the industry average of 59.52, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-2.38.

Kelt Exploration Ltd scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$2.38
Graham Number $3.42
PEmg -56.26
Current Ratio 0.48
PB Ratio 2.04
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $47,738,000
Total Current Liabilities $98,566,000
Long-Term Debt $198,202,000
Total Assets $1,337,688,000
Intangible Assets $0
Total Liabilities $480,669,000
Shares Outstanding (Diluted Average) 181,706,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.11
Dec2017 -$0.13
Dec2016 -$0.29
Dec2015 -$0.91
Dec2014 $0.09
Dec2013 -$0.07

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.17
Dec2017 -$0.30
Dec2016 -$0.33
Dec2015 -$0.29
Dec2014 $0.01
Dec2013 -$0.02

Recommended Reading:

Other ModernGraham posts about the company

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL

Other ModernGraham posts about related companies

Canadian Natural Resources Ltd Valuation – August 2018 $TSE:CNQ
SM Energy Co Valuation – August 2018 $SM
Surge Energy Inc Valuation – July 2018 $TSE:SGY
CIRCOR International Inc Valuation – July 2018 $CIR
SEACOR Holdings Inc Valuation – July 2018 $CKH
Inter Pipeline Ltd Valuation – July 2018 $TSE:IPL
World Fuel Services Corp Valuation – July 2018 $INT
Shawcor Ltd Valuation – July 2018 $TSE-SCL
Imperial Oil Ltd Valuation – July 2018 $IMO
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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Carrizo Oil & Gas Inc Valuation – Initial Coverage $CRZO

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Carrizo Oil & Gas, Inc.  (CRZO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Carrizo Oil & Gas, Inc. is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. The Company has a total production of over 13.4 million barrels of oil equivalent (MMBoe) per year. The Company’s proved reserves of over 170.6 MMBoe are over 64% crude oil, 12% natural gas liquids (NGLs) and 24% natural gas. It operates over 90% of the wells in Eagle Ford in which it holds an interest. It holds an average interest of over 88% in these operated wells. It owns leases covering approximately 291,610 gross (165,470 net) acres in the Eagle Ford, Niobrara, Utica and the Delaware Basin areas. It operates over 70 gross wells drilled in the Eagle Ford.

CRZO Chart

CRZO data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

Learn More About Premium Membership

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of CRZO – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,985,216,296 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.34 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 319.72% Pass
6. Moderate PEmg Ratio PEmg < 20 -4.91 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 86.01 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.34 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -9.54 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$6.46
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$93.64
MG Value based on 0% Growth -$54.89
Market Implied Growth Rate -6.71%
Current Price $31.73
% of Intrinsic Value N/A

Carrizo Oil & Gas Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.51 in 2013 to an estimated $-6.46 for 2017. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Carrizo Oil & Gas Inc revealed the company was trading above its Graham Number of $2.79. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -4.91, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-24.06.

Carrizo Oil & Gas Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$24.06
Graham Number $2.79
PEmg -4.91
Current Ratio 0.34
PB Ratio 86.01
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $72,988,000
Total Current Liabilities $211,959,000
Long-Term Debt $1,325,418,000
Total Assets $1,626,327,000
Intangible Assets $0
Total Liabilities $1,602,869,000
Shares Outstanding (Diluted Average) 63,587,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.94
Dec2016 -$11.27
Dec2015 -$22.45
Dec2014 $4.90
Dec2013 $1.06
Dec2012 $1.39
Dec2011 $0.92
Dec2010 $0.29
Dec2009 -$6.61
Dec2008 -$1.49
Dec2007 $0.57
Dec2006 $0.71
Dec2005 $0.42
Dec2004 $0.49
Dec2003 $0.43
Dec2002 $0.26
Dec2001 $0.57
Dec2000 $0.74
Dec1999 -$0.07
Dec1998 -$2.15

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$6.46
Dec2016 -$8.53
Dec2015 -$5.72
Dec2014 $2.34
Dec2013 $0.51
Dec2012 -$0.21
Dec2011 -$1.10
Dec2010 -$1.84
Dec2009 -$2.36
Dec2008 -$0.11
Dec2007 $0.56
Dec2006 $0.52
Dec2005 $0.43
Dec2004 $0.46
Dec2003 $0.42
Dec2002 $0.23
Dec2001 $0.09

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Denbury Resources Inc Valuation – February 2017 $DNR
California Resources Corp Valuation – Initial Coverage $CRC
Crew Energy Inc Valuation – Initial Coverage $TSE:CR
Exxon Mobil Corp Valuation – February 2017 $XOM
Superior Energy Services Inc Valuation – Initial Coverage $SPN
2017 Oil & Gas Industry Review
Spartan Energy Corp Valuation – Initial Coverage $TSE:SPE
Crescent Point Energy Corp Valuation – Initial Coverage $TSE:CPG
Tesoro Corporation Valuation – February 2017 $TSO
Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Denbury Resources Inc Valuation – February 2017 $DNR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Denbury Resources Inc (DNR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Denbury Resources Inc. is an independent oil and natural gas company. The Company’s operations are focused on two operating areas: the Gulf Coast and Rocky Mountain regions. Its properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, Louisiana and Alabama, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming. It has estimated proved oil and natural gas reserves of over 288.6 million barrels of oil equivalent (MMBOE). Its primary Gulf Coast carbon dioxide (CO2) source is Jackson Dome, which is located near Jackson, Mississippi. Its mature group of properties includes the initial CO2 field, Little Creek, as well as various other fields, including Brookhaven, Cranfield, Eucutta, Lockhart Crossing, Mallalieu, Martinville, McComb and Soso fields. Its LaBarge Field is located in southwestern Wyoming. It holds interest in LaBarge Field, which consists of over 1.2 trillion cubic feet of proved CO2 reserves.

DNR Chart

DNR data by YCharts

[level-free]
To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

Learn More About Premium Membership

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of DNR – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,251,575,725 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.40 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -654.91% Fail
6. Moderate PEmg Ratio PEmg < 20 -0.97 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.48 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.40 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -11.97 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$3.31
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$47.98
MG Value based on 0% Growth -$28.12
Market Implied Growth Rate -4.74%
Current Price $3.22
% of Intrinsic Value N/A

Denbury Resources Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $1.04 in 2012 to an estimated $-3.31 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Denbury Resources Inc. revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.06 per share, for a yield of 2% Its PEmg (price over earnings per share – ModernGraham) was -0.97, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-9.8.

Denbury Resources Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$9.80
Graham Number $0.00
PEmg -0.97
Current Ratio 0.40
PB Ratio 1.48
Current Dividend $0.06
Dividend Yield 1.96%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $162,717,000
Total Current Liabilities $405,245,000
Long-Term Debt $2,903,051,000
Total Assets $4,816,801,000
Intangible Assets $0
Total Liabilities $3,969,457,000
Shares Outstanding (Diluted Average) 388,572,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$1.67
Dec2015 -$12.57
Dec2014 $1.81
Dec2013 $1.11
Dec2012 $1.35
Dec2011 $1.43
Dec2010 $0.72
Dec2009 -$0.30
Dec2008 $1.54
Dec2007 $1.00
Dec2006 $0.82
Dec2005 $0.70
Dec2004 $0.36
Dec2003 $0.26
Dec2002 $0.22
Dec2001 $0.28
Dec2000 $0.77
Dec1999 $0.03
Dec1998 -$2.77
Dec1997 $0.18
Dec1996 $0.16

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$3.31
Dec2015 -$3.21
Dec2014 $1.41
Dec2013 $1.09
Dec2012 $1.04
Dec2011 $0.88
Dec2010 $0.66
Dec2009 $0.67
Dec2008 $1.06
Dec2007 $0.76
Dec2006 $0.58
Dec2005 $0.43
Dec2004 $0.32
Dec2003 $0.30
Dec2002 $0.12
Dec2001 -$0.05
Dec2000 -$0.26

Recommended Reading:

Other ModernGraham posts about the company

Denbury Resources Inc. Valuation – November 2015 Update $DNR
10 Most Undervalued Companies for the Enterprising Investor – October 2015
5 Undervalued Companies for Value Investors with a High Beta – October 2015
10 Companies Benjamin Graham Would Invest In Today – October 2015
The Best Companies of the Oil & Gas Industry – August 2015

Other ModernGraham posts about related companies

California Resources Corp Valuation – Initial Coverage $CRC
Crew Energy Inc Valuation – Initial Coverage $TSE:CR
Exxon Mobil Corp Valuation – February 2017 $XOM
Superior Energy Services Inc Valuation – Initial Coverage $SPN
2017 Oil & Gas Industry Review
Spartan Energy Corp Valuation – Initial Coverage $TSE:SPE
Crescent Point Energy Corp Valuation – Initial Coverage $TSE:CPG
Tesoro Corporation Valuation – February 2017 $TSO
Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

California Resources Corp Valuation – Initial Coverage $CRC

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how California Resources Corp (CRC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe). It operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (steamflood activities) and approximately one in the Los Angeles basin (waterflood activities). It has drilled over 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin. Its operations include approximately 140 fields with over 9,070 gross active wellbores. It sells its crude oil, natural gas and natural gas liquids production to marketers, California refineries and other purchasers.

CRC Chart

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ModernGraham Valuation of CRC – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $767,784,474 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.54 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -413333.33% Fail
6. Moderate PEmg Ratio PEmg < 20 -0.73 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -1.60 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.54 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -17.13 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$25.96
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$376.37
MG Value based on 0% Growth -$220.63
Market Implied Growth Rate -4.61%
Current Price $18.85
% of Intrinsic Value N/A

California Resources Corp does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $6 in 2012 to an estimated $-25.96 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into California Resources Corp revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.1 per share, for a yield of 0.5% Its PEmg (price over earnings per share – ModernGraham) was -0.73, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-154.76.

California Resources Corp scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$154.76
Graham Number $0.00
PEmg -0.73
Current Ratio 0.54
PB Ratio -1.60
Current Dividend $0.10
Dividend Yield 0.53%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $356,000,000
Total Current Liabilities $658,000,000
Long-Term Debt $5,173,000,000
Total Assets $6,332,000,000
Intangible Assets $0
Total Liabilities $6,825,000,000
Shares Outstanding (Diluted Average) 41,800,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $6.23
Dec2015 -$92.70
Dec2014 -$37.50
Dec2013 $22.40
Dec2012 $18.00

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$25.96
Dec2015 -$34.02
Dec2014 -$2.93
Dec2013 $12.27
Dec2012 $6.00

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Crew Energy Inc Valuation – Initial Coverage $TSE:CR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Crew Energy Inc (TSE:CR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Crew Energy Inc. is an oil and gas exploration, development and production company. The Company conducts its operations in the Western Canadian Sedimentary basin, primarily in the provinces of Alberta, British Columbia and Saskatchewan. Its activities are primarily focused in the vast Montney resource situated in northeast British Columbia. The Company’s Montney area assets include Septimus/West Septimus, Tower, Groundbirch, Attachie and Portage and are situated south and west of Fort St. John, British Columbia. Its operations include liquids rich natural gas and light oil production from the siltstone Montney formation. The Company’s Lloydminster asset is situated in the Saskatchewan/Alberta border region near the city of Lloydminster, Saskatchewan. Production from the area consists of 12 to 14 degrees American Petroleum Institute (API) heavy oil. It offers light crude oil, heavy crude oil, natural gas liquids and natural gas. Crew Oil and Gas Inc. is a subsidiary of the Company.

CR Chart

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ModernGraham Valuation of TSE-CR – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

 

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $885,605,811 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.60 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 190.68% Pass
6. Moderate PEmg Ratio PEmg < 20 -7.17 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.99 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.60 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -11.09 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.81
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$11.75
MG Value based on 0% Growth -$6.89
Market Implied Growth Rate -7.84%
Current Price $5.81
% of Intrinsic Value N/A

Crew Energy Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $-0.36 in 2012 to an estimated $-0.81 for 2016. This level of negative earnings does not support a positive valuation.  As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Crew Energy Inc revealed the company was trading above its Graham Number of $0. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -7.17. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-2.63.

Crew Energy Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$2.63
Graham Number $0.00
PEmg -7.17
Current Ratio 0.60
PB Ratio 0.99
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

 

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $30,767,000
Total Current Liabilities $51,467,000
Long-Term Debt $229,538,000
Total Assets $1,252,014,000
Intangible Assets $0
Total Liabilities $408,327,000
Shares Outstanding (Diluted Average) 143,621,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.17
Dec2015 -$0.40
Dec2014 -$2.86
Dec2013 -$0.65
Dec2012 $0.18
Dec2011 -$1.28
Dec2010 $0.22
Dec2009 -$0.50
Dec2008 -$0.87
Dec2007 $0.19
Dec2006 $0.30
Dec2005 $0.77
Dec2004 $0.31
Dec2003 $0.06

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.81
Dec2015 -$1.09
Dec2014 -$1.25
Dec2013 -$0.43
Dec2012 -$0.36
Dec2011 -$0.57
Dec2010 -$0.19
Dec2009 -$0.27
Dec2008 -$0.06
Dec2007 $0.34
Dec2006 $0.38
Dec2005 $0.35
Dec2004 $0.12
Dec2003 $0.02

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Exxon Mobil Corp Valuation – February 2017 $XOM

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Exxon Mobil Corp (XOM) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Exxon Mobil Corporation is an energy company. The Company is engaged in the exploration and production of crude oil and natural gas, manufacturing of petroleum products, and transportation and sale of crude oil, natural gas and petroleum products. The Company also manufactures and markets petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and various specialty products. The Company operates through the Upstream, Downstream, Chemical, and Corporate and Financing segments. The Upstream segment operates to explore for and produce crude oil and natural gas. The Downstream segment operates to manufacture and sell petroleum products. The Chemical segment operates to manufacture and sell petrochemicals. The Company’s projects include the Kearl project, Heidelberg project, the Point Thomson project, the Hadrian South project, the Lucius project, the Barzan project, the Arkutun-Dagi project, and the Upper Zakum 750 project, among others.

XOM Chart

XOM data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of XOM – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $334,157,922,468 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.86 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -32.26% Fail
6. Moderate PEmg Ratio PEmg < 20 16.87 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.00 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.86 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -4.09 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $4.85
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D+
MG Value based on 3% Growth $70.36
MG Value based on 0% Growth $41.25
Market Implied Growth Rate 4.18%
Current Price $81.86
% of Intrinsic Value N/A

Exxon Mobil Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings growth over the last ten years. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $7.83 in 2012 to an estimated $4.85 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 4.18% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Exxon Mobil Corporation revealed the company was trading above its Graham Number of $43.35. The company pays a dividend of $2.96 per share, for a yield of 3.6%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 16.87, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-30.12.

Exxon Mobil Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$30.12
Graham Number $43.35
PEmg 16.87
Current Ratio 0.86
PB Ratio 2.00
Current Dividend $2.96
Dividend Yield 3.62%
Number of Consecutive Years of Dividend Growth 14

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $42,945,000,000
Total Current Liabilities $50,021,000,000
Long-Term Debt $28,916,000,000
Total Assets $339,386,000,000
Intangible Assets $0
Total Liabilities $168,789,000,000
Shares Outstanding (Diluted Average) 4,178,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.03
Dec2015 $3.85
Dec2014 $7.60
Dec2013 $7.37
Dec2012 $9.70
Dec2011 $8.42
Dec2010 $6.22
Dec2009 $3.98
Dec2008 $8.66
Dec2007 $7.26
Dec2006 $6.62
Dec2005 $5.71
Dec2004 $3.89
Dec2003 $3.23
Dec2002 $1.68
Dec2001 $2.21
Dec2000 $2.52
Dec1999 $1.13
Dec1998 $1.14
Dec1997 $1.69
Dec1996 $1.51

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.85
Dec2015 $6.64
Dec2014 $7.98
Dec2013 $7.82
Dec2012 $7.83
Dec2011 $6.90
Dec2010 $6.28
Dec2009 $6.35
Dec2008 $7.17
Dec2007 $6.06
Dec2006 $5.05
Dec2005 $3.96
Dec2004 $2.96
Dec2003 $2.38
Dec2002 $1.88
Dec2001 $1.90
Dec2000 $1.69

Recommended Reading:

Other ModernGraham posts about the company

Exxon Mobil Corporation Analysis – 2015 Annual Update $XOM
20 Companies in the Research Spotlight This Week – June 7, 2014
Exxon Mobil Corp 2014 Annual Valuation $XOM
16 Companies in the Spotlight This Week – 3/8/14
Exxon Mobil Corporation (XOM) Quarterly Valuation

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Superior Energy Services Inc Valuation – Initial Coverage $SPN

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Superior Energy Services Inc (SPN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Superior Energy Services, Inc. provides a range of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company’s segments include Drilling Products and Services, which rents and sells bottom hole assemblies, drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, production and workover activities; Onshore Completion and Workover Services, which provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a range of well completion and maintenance services; Production Services, which provides intervention services, such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, and remedial pumping services, and Technical Solutions, which provides services requiring specialized engineering, manufacturing or project planning.

SPN Chart

SPN data by YCharts

[level-free]
To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

Learn More About Premium Membership

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SPN – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $2,607,339,961 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.27 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -348.06% Fail
6. Moderate PEmg Ratio PEmg < 20 -3.73 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.73 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.27 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 2.87 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$4.65
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$67.36
MG Value based on 0% Growth -$39.49
Market Implied Growth Rate -6.11%
Current Price $17.32
% of Intrinsic Value N/A

Superior Energy Services, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $1.6 in 2012 to an estimated $-4.65 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Superior Energy Services, Inc. revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.24 per share, for a yield of 1.4% Its PEmg (price over earnings per share – ModernGraham) was -3.73, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-8.77.

Superior Energy Services, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$8.77
Graham Number $0.00
PEmg -3.73
Current Ratio 2.27
PB Ratio 1.74
Current Dividend $0.24
Dividend Yield 1.39%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $800,286,000
Total Current Liabilities $352,786,000
Long-Term Debt $1,283,581,000
Total Assets $3,643,820,000
Intangible Assets $1,034,039,000
Total Liabilities $2,130,087,000
Shares Outstanding (Diluted Average) 151,707,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$5.27
Dec2015 -$12.33
Dec2014 $1.65
Dec2013 -$0.69
Dec2012 $2.42
Dec2011 $1.76
Dec2010 $1.03
Dec2009 -$1.31
Dec2008 $4.33
Dec2007 $3.41
Dec2006 $2.32
Dec2005 $0.85
Dec2004 $0.47
Dec2003 $0.41
Dec2002 $0.30
Dec2001 $0.77
Dec2000 $0.28
Dec1999 -$0.25
Dec1998 -$1.27
Dec1997 $0.43
Dec1996 $0.22

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$4.65
Dec2015 -$3.37
Dec2014 $1.15
Dec2013 $0.82
Dec2012 $1.60
Dec2011 $1.40
Dec2010 $1.47
Dec2009 $1.77
Dec2008 $2.96
Dec2007 $2.02
Dec2006 $1.17
Dec2005 $0.58
Dec2004 $0.45
Dec2003 $0.39
Dec2002 $0.24
Dec2001 $0.14
Dec2000 -$0.16

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Spartan Energy Corp Valuation – Initial Coverage $TSE:SPE

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Spartan Energy Corp (TSE:SPE) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Spartan Energy Corp, formerly Alexander Energy Ltd is a Canada-based oil and natural gas exploration and production company with producing properties focused in Saskatchewan. The Company’s properties include Southeast Saskatchewan, West Central Saskatchewan and Alexander Alberta. The Southeast Saskatchewan property focuses on conventional Mississippian targets, primarily in the Frobisher/Alida and Midale formations. The West Central Saskatchewan property consists of approximately 100 net drilling locations in the Dodsland area of Saskatchewan. The Company holds interest in Alexander property, which own three dimensional (3D) seismic and all associated facilities. The Company’s subsidiaries include Renegade Petroleum (North Dakota) Ltd. and Petro Uno Resources Ltd.

SPE Chart

SPE data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-SPE – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,380,351,680 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.35 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -40.91% Fail
6. Moderate PEmg Ratio PEmg < 20 -30.00 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.37 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.35 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg -$0.09
MG Growth Estimate 8.52%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$1.31
MG Value based on 0% Growth -$0.77
Market Implied Growth Rate -19.36%
Current Price $2.74
% of Intrinsic Value N/A

Spartan Energy Corp does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $-0.21 in 2012 to an estimated $-0.09 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Spartan Energy Corp revealed the company was trading above its Graham Number of $0. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -30.22, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-0.7.

Spartan Energy Corp scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$0.70
Graham Number $0.00
PEmg -30.22
Current Ratio 0.35
PB Ratio 1.38
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $28,633,000
Total Current Liabilities $82,230,000
Long-Term Debt $0
Total Assets $1,129,744,000
Intangible Assets $0
Total Liabilities $314,317,000
Shares Outstanding (Diluted Average) 410,200,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.07
Dec2015 -$0.29
Dec2014 $0.10
Dec2013 -$0.10
Dec2012 $0.05
Dec2011 -$0.44
Dec2010 -$0.24
Dec2009 -$0.52
Dec2008 $0.12
Dec2007 -$0.04
Dec2006 $0.00
Dec2005 $0.04
Dec2004 -$0.12
Dec2003 -$0.04
Dec2002 -$0.04
Dec2001 $0.04
Dec2000 $0.04
Dec1999 -$0.04
Dec1998 $0.04

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.09
Dec2015 -$0.11
Dec2014 -$0.06
Dec2013 -$0.17
Dec2012 -$0.21
Dec2011 -$0.30
Dec2010 -$0.20
Dec2009 -$0.15
Dec2008 $0.03
Dec2007 -$0.02
Dec2006 -$0.02
Dec2005 -$0.03
Dec2004 -$0.05
Dec2003 -$0.01
Dec2002 $0.00
Dec2001 $0.02
Dec2000 $0.01

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Crescent Point Energy Corp Valuation – Initial Coverage $TSE:CPG

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Crescent Point Energy Corp (TSE:CPG) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Crescent Point Energy Corp. (Crescent Point) is a Canada-based oil and gas exploration, development and production company. The Company is an oil and gas producer with assets consisting of light and medium oil and natural gas reserves in Western Canada and the United States. The Company’s primary assets are the shares in Crescent Point Holdings Inc. (CPHI), shares in Crescent Point U.S. Holdings Corp. (CPUSH) and indirectly, in Crescent Point Energy U.S. Corp. (CPEUS). Its crude oil and natural gas properties and related assets are located in the provinces of Saskatchewan, Alberta, British Columbia and Manitoba and the states of North Dakota, Montana, Colorado and Utah. The Company’s properties in Canada include Viewfield Bakken Resource Play, Flat Lake Torquay and Bakken Resource Plays, Shaunavon Resource Play, Swan Hills Beaverhill Lake Resource Play and Saskatchewan Viking Light Oil Resource Play. Its properties in the United States include the Utah Uinta Basin Resource Play.

CPG Chart

CPG data by YCharts

[level-free]
To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-CPG – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,300,173,974 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.69 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -126.56% Fail
6. Moderate PEmg Ratio PEmg < 20 -60.08 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.72 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.69 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -18.98 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.24
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D+
MG Value based on 3% Growth -$3.42
MG Value based on 0% Growth -$2.01
Market Implied Growth Rate -34.29%
Current Price $14.18
% of Intrinsic Value N/A

Crescent Point Energy Corp does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.65 in 2012 to an estimated $-0.24 for 2016. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Crescent Point Energy Corp revealed the company was trading above its Graham Number of $0. The company pays a dividend of $0.74 per share, for a yield of 5.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was -60.08, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-12.2.

Crescent Point Energy Corp scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$12.20
Graham Number $0.00
PEmg -60.08
Current Ratio 0.69
PB Ratio 0.72
Current Dividend $0.74
Dividend Yield 5.22%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $441,500,000
Total Current Liabilities $637,000,000
Long-Term Debt $3,711,000,000
Total Assets $16,771,900,000
Intangible Assets $251,900,000
Total Liabilities $6,679,100,000
Shares Outstanding (Diluted Average) 511,349,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.24
Dec2015 -$1.82
Dec2014 $1.21
Dec2013 $0.37
Dec2012 $0.57
Dec2011 $0.72
Dec2010 $0.21
Dec2009 -$0.19
Dec2008 $3.71
Dec2007 -$0.32
Dec2006 $1.05
Dec2005 $1.12
Dec2004 $1.07
Dec2003 $0.50
Dec2002 $0.14
Dec2001 -$0.03

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.24
Dec2015 -$0.09
Dec2014 $0.73
Dec2013 $0.43
Dec2012 $0.65
Dec2011 $0.73
Dec2010 $0.79
Dec2009 $1.08
Dec2008 $1.58
Dec2007 $0.57
Dec2006 $0.94
Dec2005 $0.78
Dec2004 $0.51
Dec2003 $0.20
Dec2002 $0.04
Dec2001 -$0.01

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL
Canadian National Resources Ltd Valuation – Initial Coverage $TSE:CNQ
Halliburton Company Valuation – January 2017 $HAL
Just Energy Group Inc Valuation – Initial Coverage $TSE-JE
SM Energy Co Valuation – Initial Coverage $SM
Kinder Morgan Inc Valuation – January 2017 $KMI
South Jersey Industries Inc Valuation – Initial Coverage $SJI
Secure Energy Services Inc Valuation – Initial Coverage $TSE:SES
Surge Energy Inc Valuation – Initial Coverage $TSE:SGY
Range Resources Corp Valuation – January 2017 $RRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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